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Flutterwave Hires Executives from PayPal, Stripe, Wyre and Western Union

By
Paul Ugbede Godwin
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0

Flutterwave, a leading African fintech company, has announced the appointment of three new executives to its leadership team. The new hires are Steven Huynh, who joins as Vice President of Global Operations from PayPal, Chris Davis, who joins as Vice President of Network Partnerships from Stripe, and Adewale Ayantoye, who joins as Vice President of Compliance and Risk from Western Union.

The company said the new appointments are part of its strategy to scale its operations and expand its global footprint. Flutterwave provides a unified payment platform that enables businesses to accept and send payments across Africa and beyond. The company has processed over $9 billion in transactions since its launch in 2016 and has partnered with global players such as Visa, Mastercard, Google and Uber.

Flutterwave’s CEO, Olugbenga Agboola, said in a statement: “We are very excited to welcome Oluwakemi, Francesca and Abisola to the Flutterwave family. They bring with them a wealth of experience and expertise from leading global fintech companies. They will play a key role in driving our vision of creating a seamless digital economy for Africa and the world.”

Amaresh Mohan, Chief Risk Officer, joins Flutterwave as the company’s first Chief Risk Officer, a role he previously held at GoTo Group, Indonesia’s largest digital ecosystem that publicly listed at IDX last year. Amaresh’s 25-year career includes leadership positions at Stripe and PayPal where he was responsible for building risk management capabilities to enable market entries and scaling up in a number of emerging markets globally.

Previously, Amaresh has held key roles in leading global banks, including Citibank, Kotak Mahindra Bank, and Bank of America. At Flutterwave, Amaresh will oversee all aspects of Risk Management, including Compliance, Trust and Safety. He will work closely with the board and Flutterwave leadership to build a risk-aware culture and strong governance across the company.

Steven Huynh, who will oversee Flutterwave’s global operations, said: “I am thrilled to join Flutterwave at this pivotal moment in its journey. Flutterwave is a trailblazer in the African fintech space and has built an impressive and innovative payment platform that connects Africa to the world. I look forward to working with the team to scale the platform and deliver value to our customers and partners.”

Chris David, who will lead Flutterwave’s network partnerships, said: “I am honored to join Flutterwave and contribute to its mission of simplifying payments for endless possibilities. Flutterwave has established itself as a leader in the African payment landscape and has forged strategic partnerships with global players. I am excited to leverage my experience and network to grow and deepen these partnerships and create new ones.”

Stephen Cheng, EVP Global Expansion and Payment Partnerships, brings over two decades of global experience at Fortune 100 and high growth regulated financial institutions, building and leading world-class risk and compliance organizations. He has held multiple C-level positions at public and private companies such as American Express, First Data, Green Dot, and Prime Trust.

Most recently, Stephen was Chief Risk and Compliance Officer and Chief Executive Officer at Wyre. Stephen will spearhead Flutterwave’s navigation of the ever-evolving global payment systems and facilitate the company’s expansion into new markets globally through acquiring licenses and strategic payment partnership initiatives.

Adewale Ayantoye, who will head Flutterwave’s compliance and risk functions, said: “I am delighted to join Flutterwave and support its growth and expansion. Flutterwave operates in a highly regulated and complex environment and has a strong commitment to compliance and risk management. I bring along my experience and best practices from working in global fintech companies to ensure that Flutterwave continues to operate with the highest standards of compliance and risk management.”

BlackRock is Planning to Seed its Spot Bitcoin ETF with $10 million

By
Paul Ugbede Godwin
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0

BlackRock, the world’s largest asset manager, has filed an application with the U.S. Securities and Exchange Commission (SEC) to launch a spot Bitcoin ETF. The proposed fund, named BlackRock Bitcoin Trust, will track the performance of Bitcoin based on the CME CF Bitcoin Reference Rate.

Unlike futures-based Bitcoin ETFs, which invest in Bitcoin derivatives contracts, the spot Bitcoin ETF will hold actual Bitcoin in custody and allow investors to gain direct exposure to the cryptocurrency.

The CME CF Bitcoin Reference Rate is a daily benchmark price that reflects the value of one Bitcoin in U.S. dollars, based on data from several major cryptocurrency exchanges. Unlike futures-based Bitcoin ETFs, which invest in Bitcoin derivatives contracts, the spot Bitcoin ETF will hold actual Bitcoin in custody and allow investors to gain direct exposure to the cryptocurrency.

According to the filing, BlackRock plans to seed the fund with $10 million of its own capital, which will be used to purchase Bitcoin from various sources. The fund will charge a 0.95% annual fee, which is lower than the 1% fee charged by most futures-based Bitcoin ETFs.

The fund will also use third-party service providers to ensure the security and integrity of the Bitcoin holdings, such as Fidelity Digital Assets Services, LLC as the custodian and Coin Metrics, Inc. as the index provider.

BlackRock’s move to launch a spot Bitcoin ETF is a significant development for the cryptocurrency industry, as it signals the growing interest and acceptance of institutional investors in Bitcoin. BlackRock is not only the largest asset manager in the world, with over $9 trillion in assets under management, but also a leader and innovator in the ETF space, with over $3 trillion in ETF assets.

By offering a spot Bitcoin ETF, BlackRock could potentially attract more investors who prefer to invest in Bitcoin directly rather than through futures contracts, which entail additional costs and risks.

Moreover, BlackRock could also pave the way for other asset managers and financial institutions to follow suit and launch their own spot Bitcoin ETFs, creating more competition and diversity in the market.

The approval of a spot Bitcoin ETF by the SEC is still uncertain, as the regulator has repeatedly rejected or delayed such applications in the past, citing concerns over market manipulation, fraud, and lack of regulation.

Some other Bitcoin ETFs that are currently available or pending approval are:

ProShares Bitcoin Strategy ETF (BITO); The first U.S.-listed Bitcoin ETF that invests in CME Group’s monthly bitcoin futures contracts. VanEck Bitcoin Strategy ETF (XBTF): Another futures-based Bitcoin ETF that invests in CME Group’s monthly bitcoin futures contracts.

Valkyrie Bitcoin Strategy ETF (BTF): A futures-based Bitcoin ETF that invests in CME Group’s monthly bitcoin futures contracts as well as cash-settled options on those contracts. Simplify Bitcoin Strategy PLUS Inc ETF (MAXI): A hybrid fund that invests 15% of its assets in CME Group’s monthly bitcoin futures contracts and 85% in equity securities of companies that are involved in or benefit from blockchain technology.

Global X Blockchain & Bitcoin Strategy ETF (BITS): A hybrid fund that invests 80% of its assets in equity securities of companies that are involved in or benefit from blockchain technology and 20% in CME Group’s monthly bitcoin futures contracts.

Grayscale Bitcoin Trust (GBTC): A private placement trust that holds actual bitcoin and issues shares to accredited investors. It is not an ETF, but it trades on OTC markets like an ETF.

WisdomTree Physically Backed Bitcoin ETP (BTCW): A physically backed bitcoin exchange-traded product (ETP) that is listed on SIX Swiss Exchange and holds actual bitcoin in cold storage. It is not an ETF, but it is similar to one.

However, some analysts believe that the chances of approval have increased recently, as the SEC has approved several futures-based Bitcoin ETFs in October and November, indicating a more favorable stance towards Bitcoin-related products. Additionally, some SEC commissioners, such as Hester Peirce and Elad Roisman, have expressed support for a spot Bitcoin ETF, arguing that it would provide more choice and transparency for investors.

BlackRock’s spot Bitcoin ETF is expected to launch in early 2024, subject to regulatory approval and other conditions. If approved, it will be the first of its kind in the U.S., and potentially a game-changer for the Bitcoin market.

Quest for the holy grail of Nuclear Fusion has been a long and arduous one

By
Paul Ugbede Godwin
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0

The quest for the holy grail of nuclear fusion has been a long and arduous one, with many setbacks and challenges along the way. For decades, scientists and engineers have been working tirelessly to create a device that can harness the power of the stars and produce clean, abundant and sustainable energy for humanity. But despite the enormous efforts and investments, the goal of achieving a net energy gain from fusion has always seemed perpetually 30 years away.

However, recent breakthroughs and innovations have changed the landscape of fusion research and brought us closer than ever to realizing this dream. We will explore some of the most promising developments and projects that are pushing the boundaries of fusion science and technology, and why we can now confidently say that the holy grail of nuclear fusion is no more than ten years away.

The dream of harnessing the power of the stars to produce clean, abundant and sustainable energy has been pursued by scientists for decades. Nuclear fusion, the process that fuels the Sun and other stars, could potentially provide a solution to the world’s energy problems.

However, achieving fusion on Earth is not easy. It requires creating and controlling plasma, a state of matter where atoms are stripped of their electrons and form a hot, ionized gas. Plasma must be heated to temperatures of over 100 million degrees Celsius and confined under immense pressure for long enough to allow fusion reactions to occur.

One of the most promising ways to achieve this is by using a device called a tokamak, a doughnut-shaped chamber that uses powerful magnets to confine and shape the plasma. Tokamaks have been around since the 1950s, but they have faced many technical challenges and limitations.

The largest and most advanced tokamak in the world is the ITER project, an international collaboration involving 35 countries that aims to demonstrate the feasibility of fusion as a large-scale and carbon-free source of energy. ITER is currently under construction in France and is expected to start operations in 2025.

However, while ITER is a crucial step towards fusion energy, it is not the only one. In recent years, several other fusion projects have emerged around the world, driven by advances in technology, materials and computing. Some of these projects are led by private companies, such as General Fusion, Commonwealth Fusion Systems and TAE Technologies, that hope to commercialize fusion energy in the near future.

Others are led by research institutions, such as the Korea Superconducting Tokamak Advanced Research (KSTAR) facility, that aim to push the boundaries of fusion science and engineering.

These projects have made remarkable progress and achieved impressive results in their respective fields. For example, KSTAR recently set a new world record by sustaining a 100-million-degree plasma for 30 seconds, a milestone that demonstrates the stability and reliability of its superconducting magnets.

General Fusion has successfully tested its novel approach of using pistons to compress plasma inside a metal sphere, which could potentially reduce the size and cost of fusion reactors. Commonwealth Fusion Systems has developed a new type of high-temperature superconductor that could enable more powerful and efficient magnets for tokamaks.

TAE Technologies has achieved stable plasma confinement for over 10 milliseconds using its unique design of a linear reactor that uses beams of neutral particles to heat and control the plasma.

These achievements have transformed the landscape of fusion research and brought us closer than ever to realizing this dream. However, there is still a long way to go before fusion energy becomes a reality. Each project faces its own challenges and uncertainties, and there is no guarantee that any of them will succeed.

Moreover, there are many other aspects of fusion energy that need to be addressed, such as safety, economics, environmental impact and social acceptance. Therefore, it is important to support and collaborate with all the fusion efforts around the world, as they all contribute to the common goal of creating a better future for humanity.

The More People Use Crypto The More Crypto Becomes Part of the Global Financial System

By
Paul Ugbede Godwin
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0

The more people use crypto the more crypto becomes part of the global financial system. This is a simple but powerful statement that reflects the growing importance and influence of cryptocurrencies in the world economy. I will explain why crypto a niche, or a fad is not just, but a fundamental and transformative force that is reshaping the way we exchange value, store wealth, and access financial services.

Crypto is not just a new type of money, but a new type of network. Unlike traditional money, which is issued and controlled by central authorities, crypto is decentralized and distributed. This means that anyone can participate in the network, without intermediaries or gatekeepers.

Crypto is also programmable and transparent, which enables new forms of innovation and accountability. Crypto is not bound by geography or jurisdiction, but by cryptography and consensus. This means that crypto can transcend borders and barriers and create a more inclusive and efficient global financial system.

Crypto is not just a speculative asset, but a productive asset. Unlike traditional assets, which are subject to inflation and manipulation, crypto is scarce and immutable. This means that crypto can preserve and increase its value over time, without being diluted or devalued. Crypto is also divisible and fungible, which enables new forms of liquidity and exchange.

Crypto is not dependent on intermediaries or platforms, but on protocols and standards. This means that crypto can enable peer-to-peer transactions and markets, without fees or friction.

Crypto is not just a trend, but a movement. Unlike traditional systems, which are rigid and hierarchical, crypto is flexible and democratic. This means that crypto can adapt and evolve according to the needs and preferences of its users, without being constrained or corrupted. Crypto is also open and participatory, which empowers new forms of collaboration and governance.

Crypto is not driven by profit or power, but by purpose and vision. This means that crypto can create positive social and environmental impact, without compromising on performance or security.

Crypto will become more accessible and user-friendly. One of the main barriers to crypto adoption is the complexity and difficulty of using it. Crypto requires technical knowledge, digital skills, and personal responsibility.

Crypto also faces regulatory uncertainty, security risks, and scalability challenges. However, these issues are being addressed by various innovations and initiatives in the crypto space.

Crypto will become more user-friendly, with better interfaces, education, and support. Crypto will also become more accessible, with more options, platforms, and services. Crypto will lower the entry barriers and increase the adoption rates for both individuals and businesses.

Crypto will become more diverse and interoperable. Another key feature of crypto is its diversity and interoperability. Crypto is not a monolithic or homogeneous entity, but a heterogeneous and dynamic ecosystem. Crypto consists of different types of assets, such as cryptocurrencies, stablecoins, tokens, NFTs, etc.

Crypto also consists of different types of networks, such as public, private, permissioned, permissionless, etc. Crypto also consists of different types of protocols, such as layer 1, layer 2, sidechains, bridges, etc. Crypto will become more diverse, with more innovation and experimentation in the crypto space. Crypto will also become more interoperable, with more integration and collaboration among the crypto players.

The more people use crypto the more crypto becomes part of the global financial system. This is not a threat or a challenge, but an opportunity and a solution. Crypto is not an alternative or a competitor, but a complement and a catalyst. Crypto is not a zero-sum game, but a positive-sum game. Crypto is not the end, but the beginning.

Create-to-earn is the future of Metaverse Gaming

By
Paul Ugbede Godwin
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0

The hype around play-to-earn games has faded quickly. Many players realized that the rewards were not worth the time and effort they invested in these games. Moreover, the environmental impact of blockchain-based games was too high to ignore. Play-to-earn was a bust — we need to create-to-earn.

What is create-to-earn?  Instead of playing predefined games, players can use tools and platforms to design, build, and share their own games. They can also earn tokens or cryptocurrencies by selling their creations, or by getting tips or donations from other players.

Create-to-earn is not only more fun and rewarding, but also more sustainable and inclusive. It reduces the carbon footprint of gaming by using more efficient technologies and protocols. It also democratizes gaming by giving everyone the opportunity to express their creativity and earn income from it.

Some examples of create-to-earn platforms are:

Decentraland: A virtual world where players can create and explore 3D scenes, games, and experiences. Players can also buy and sell land, items, and services using the MANA token.

Roblox: A platform that allows players to create and play millions of user-generated games. Players can also earn Robux, the in-game currency, by creating popular games or selling items.

Axie Infinity: A game where players can collect, breed, and battle cute creatures called Axies. Players can also earn AXS and SLP tokens by playing the game or selling their Axies on the marketplace.

Create-to-earn is the future of gaming. It is not only a way to have fun, but also a way to unleash your potential and make a difference in the world.

Create-to-earn is a new paradigm of online content creation that rewards creators for their work. Unlike traditional platforms that rely on advertising or subscription models, create-to-earn platforms use blockchain technology and cryptocurrencies to enable direct and transparent value exchange between creators and consumers.

Create-to-earn platforms allow creators to monetize their content in various ways, such as:

Selling digital assets or collectibles (such as NFTs) that represent their unique creations or intellectual property. Earning tokens or coins that reflect their contribution to a network or community (such as social tokens or governance tokens). Receiving tips or donations from fans or supporters (such as through micropayments or smart contracts).

Participating in decentralized autonomous organizations (DAOs) that empower creators to collaborate and govern their own platforms. Create-to-earn platforms also benefit consumers by giving them more choice, control and ownership over the content they consume. Consumers can:

Access a wider range of content that is not limited by the algorithms or policies of centralized platforms. Support their favorite creators directly and transparently, without intermediaries or fees. Own or collect digital assets or collectibles that have intrinsic or sentimental value and can appreciate over time. Join or create communities that share their interests and values and have a voice in how they are run.

Create-to-earn is more than just a business model. It is a movement that aims to democratize the online content creation industry and empower creators and consumers alike. By leveraging the power of blockchain technology and cryptocurrencies, create-to-earn platforms offer a new way of creating, sharing and enjoying online content that is fair, sustainable and rewarding.

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